Dark Munster Posted 31 March, 2009 Share Posted 31 March, 2009 Posted this on the share movement thread Just got home from a dinner in Sindlesham, Berkshire. Whilst i was there I took a phone call to say that the shares will be suspended at 7am tomorrow. The information was not known until after the market closed tonight. Someone is still working to try to bring in a buyer but if it does not happen by the time of the board meeting tomorrow 11am (I am told) we will be appointing an Administrator. Sad time for SFC. Like FF I have received this from 2 sources. The points deduction is suspended until the end of the season. If we are in the bottom 3 (before deduction) we take the hit next season. If we finish outside the bottom 3 the 10 points are applied. Whatever way you look at it we start next season in Div 1. Lets hope it is without the 10 points deduction by getting out of the bottom 3. Well if Paul Allen has been waiting to make his move, I think he'd better get his skates on. Link to comment Share on other sites More sharing options...
Saints foreva Posted 31 March, 2009 Share Posted 31 March, 2009 Don't most clubs that go into admin get a week to find a buyer? Link to comment Share on other sites More sharing options...
Badger Posted 31 March, 2009 Share Posted 31 March, 2009 Posted this on the share movement thread Someone is still working to try to bring in a buyer but if it does not happen by the time of the board meeting tomorrow 11am (I am told) we will be appointing an Administrator. Sad time for SFC. . Administrator for SLH as parent company,or SFC ? My own estimate is for both,but obviosly suggestions abound that it will be for the parent company.I am uncertain as to the legality of this,and concerned as to how the League will accept it. Link to comment Share on other sites More sharing options...
St Marco Posted 31 March, 2009 Share Posted 31 March, 2009 If this is true then the Charlton game is going to be very fun and very interesting (but also potentially dangerous.) Yeah this game could get very nasty if this all turns out true (which it obviously is). I just hope we can keep protests and things until half-time/after the game. We need to get out of the drop zone and get the deduction this year and start next season in league one from scratch. The team can still do that. Link to comment Share on other sites More sharing options...
lamanga Posted 31 March, 2009 Share Posted 31 March, 2009 Oh sh1tters, here we go then.... Link to comment Share on other sites More sharing options...
ITKSaint Posted 31 March, 2009 Share Posted 31 March, 2009 Well if Paul Allen has been waiting to make his move, I think he'd better get his skates on. Poor choice of phrase there! Let's hope not! Tied in with yesterday's takeover 99% certain news, you'd have to assume that's what's happening tomorrow? At the prices being quoted, it could be a lottery winner, it could be a whip round, it could be anyone. Link to comment Share on other sites More sharing options...
Badger Posted 31 March, 2009 Share Posted 31 March, 2009 Don't most clubs that go into admin get a week to find a buyer? Most clubs don't have Lowe and Wilde at the helm though. Or Dullieu et al. Link to comment Share on other sites More sharing options...
exit2 Posted 31 March, 2009 Share Posted 31 March, 2009 I was thinking more of crossing everything and somehow pulling off a scam where the PLC goes in to admin and the football club does not, thus avoiding any points deduction. I can't see it could be done so maybe it's just wishful thinking on this dark night!!!!!!! Problem is that SLH's main revenue stream is now football! I dont think the football league will take kindly to this! Link to comment Share on other sites More sharing options...
SFC Forever Posted 31 March, 2009 Share Posted 31 March, 2009 (edited) Think this is what the fuss is all about. From Times Online... Financial woes at Southampton Football Club jeopardise listed parent Helen Power and Gary Jacob Southampton Football Club's listed parent company was teetering on the brink of administration last night after the club failed to agree an extension of its overdraft with Barclays Bank. Shares in the AIM-listed Southampton Leisure Holdings will be suspended this morning and Begbies Traynor, the accountancy firm, is standing by to step in as administrator of the troubled club, which has struggled since it was relegated from the Premier League in 2005. It is heavily indebted after spending more than £30 million on a 30,000-seat stadium four years ago. Rupert Lowe, its colourful executive chairman, is well known in the City as a former Deutsche Bank banker and the present chairman of WH Ireland, the stockbroker. However, Mr Lowe's return to the club last May after a well-publicised falling-out with Michael Wilde, its chairman, has failed to arrest the decline of the club. Barclays, which is being advised on talks with Southampton by DLA Piper, the law firm, declined to comment. However, sources close to the situation said that the board of the club would convene this morning to make the final arrangements to put the club's parent company into administration, with the business expected to apply to a court for an order within the week. It is understood that then the heavily indebted club will have until the end of the summer to find a buyer or face bankruptcy itself. Southampton has a £4 million overdraft with Barclays, which it has exceeded, and it also owes Norwich Union about £24 million for its stadium. It is understood that Barclays declined to extend Southampton's loan or invest equity on the grounds that it was not commercially viable. However, it is hoped that moves to put the club's parent company, rather than the club itself, into administration will save it from having points docked by the Coca-Cola Championship. The club received two years of parachute payments, totalling about £13 million, to cope with the reduction in income after relegation; however, inevitably, it was forced to sell its best young players, including Theo Walcott, the England winger, to Arsenal, and Gareth Bale, the Wales defender, to Tottenham Hotspur. Last year, Southampton avoided relegation to the third tier of English football on the last day of the season, although it faces a similar battle again, sitting second from the bottom of the Championship. Edited 31 March, 2009 by SFC Forever Taken from another site Link to comment Share on other sites More sharing options...
hypochondriac Posted 31 March, 2009 Share Posted 31 March, 2009 Problem is that SLH's main revenue stream is now football! I dont think the football league will take kindly to this! Maybe getting rid of the radio station will be our downfall! Rupes was right all along Link to comment Share on other sites More sharing options...
Mole Posted 31 March, 2009 Share Posted 31 March, 2009 I wonder if Mike and Rupert will do a lap of honour. Link to comment Share on other sites More sharing options...
offix Posted 31 March, 2009 Share Posted 31 March, 2009 Thank God that Quisling brought Ru**rt "the miracle business man" back in! That really saved us! Thank you both, traitors! Link to comment Share on other sites More sharing options...
Chris Larkin Posted 31 March, 2009 Share Posted 31 March, 2009 If it does the trick then I expect that the rules will be changed because of us and this manouevre may go down in history as 'doing a Saints' I believe the Football League nailed Leeds to the wall with a heavy points deduction last season when they tried some financial trickery to get out of administration in a way that wasn't to the League's taste. As far as I can tell, the Football League plays judge and jury, and considers every case individually, so they can do what they want to us once we go into administration. It'll be a sad day for Saints tomorrow if any of this is true. All we can hope is that some good comes out of it, and everything turns out alright for the club in the end. Link to comment Share on other sites More sharing options...
hypochondriac Posted 31 March, 2009 Share Posted 31 March, 2009 Thank God that Quisling brought Ru**rt "the miracle business man" back in! That really saved us! Thank you both, traitors! What about NickG or window cleaner who said we would definitely be heading for admin under Crouch. Bet they feel pretty silly now. Link to comment Share on other sites More sharing options...
Flyer Posted 31 March, 2009 Share Posted 31 March, 2009 Very risky trying to dodge league rules by putting the parent company and not the club into admin. The FL could take off more points next season (if Saints get that far and end up in L2). Link to comment Share on other sites More sharing options...
St Marco Posted 31 March, 2009 Share Posted 31 March, 2009 What about NickG or window cleaner who said we would definitely be heading for admin under Crouch. Bet they feel pretty silly now. a few others said the same nickh etc. I think even the most anti-Crouch person must now conceed Lowe and Wilde have done far worse then what Crouch would of done had he remained. I just can't help but think if we started this season with the set-up on the final day of last season we would not be in this situation at all. We would be higher up the league with more people in the stadium thus generating more money then we are now. It has just been screw up after screw up since they returned. I still can't believe we held a press conference to appoint a manager who was already a manager and under contract at another club, and the club found out when they saw it on tv.....Will be interesting to see in the accounts who actually paid for that compensation. Link to comment Share on other sites More sharing options...
John D Posted 31 March, 2009 Share Posted 31 March, 2009 Can't even vent my anger at Barclays by closing my account with them as I do not have one. Perhaps a one man protest outside their Manchester Business Centre might persuade them to give us a few more weeks Link to comment Share on other sites More sharing options...
Badger Posted 31 March, 2009 Share Posted 31 March, 2009 I believe the Football League nailed Leeds to the wall with a heavy points deduction last season when they tried some financial trickery to get out of administration in a way that wasn't to the League's taste. As far as I can tell, the Football League plays judge and jury, and considers every case individually, so they can do what they want to us once we go into administration. It'll be a sad day for Saints tomorrow if any of this is true. All we can hope is that some good comes out of it, and everything turns out alright for the club in the end. That is exactly what I'm fearing.Assuming this happens and we remain in CCC this season - even finding a buyer etc - this could be hanging over us for months well into next season,even beyond. Look how long the Tevez case has rumbled on.Admitedly far more at stake.Leeds spent nearly a whole season trying to dispute their deduction. Very risky trying to dodge league rules by putting the parent company and not the club into admin. The FL could take off more points next season (if Saints get that far and end up in L2). That I'm afraid is typical of Lowe's arrogance to try a smart move not previously considered,and then bluster about it. Lets not forget this is Lowe the visionary,who would not let Hodle join North London yobbo's,brought a rugby coach to football,and then a revolutionary Dutch coaching set up. Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 31 March, 2009 Share Posted 31 March, 2009 Sh*t, firstly because i just spent almost an hour reading through this thread, secondly because of this. I could cry, i am still going to hold on to what little faith i have left that it could end up better then feared. As for the selling the parent company and so risking the wrath of the league thing, at the moment it's got to be worth a shot, we will end up with points deductions anyway, and either way if this is true (which i am seriously believing it is with what i have read) we will probably be f***ed after admin anyway. Link to comment Share on other sites More sharing options...
The Farmer Posted 31 March, 2009 Share Posted 31 March, 2009 What's the odds that whatever the announcement is, it best favours the Cabal and least favours the club and the fans? LOWE GTFO town you leeching parasite. Link to comment Share on other sites More sharing options...
Dark Munster Posted 31 March, 2009 Share Posted 31 March, 2009 I believe the Football League nailed Leeds to the wall with a heavy points deduction last season when they tried some financial trickery to get out of administration in a way that wasn't to the League's taste. As far as I can tell, the Football League plays judge and jury, and considers every case individually, so they can do what they want to us once we go into administration. It'll be a sad day for Saints tomorrow if any of this is true. All we can hope is that some good comes out of it, and everything turns out alright for the club in the end. Indeed. Actually, I'm wondering if the danger of the wrath of the FL as you describe may the reason why Lowe and company are trying this scam now, rather than just before the administration deadline of about a week ago? If I'm right (which I'm probably not), Saints didn't want to do this just before the 26/4/09 deadline, because if it goes tits up, this may be the FL's reaction: FL: So you are trying a trick of having only your parent company going into administration?? AND you're doing it at 4 p.m. on Thursday 26th, just in case you don't get away with it?? You ****ing bastards. Well here's your -10 points for this season, and for the parent company trick, here's -80 for next season in League 1. And, by the way, if you're still on negative points when you finish bottom of League 1, you'll carry those negative points into League 2. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 31 March, 2009 Share Posted 31 March, 2009 I wonder if it'll be like when Maggie Thatcher left downing street - a fleeting look back and a tear in his eye. I'm welling up just thinking about it. Oh what a binge drinking session we had then! I think I've still not got my blood sugars right. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 31 March, 2009 Share Posted 31 March, 2009 Whatever happened to Saint David? Working out why the fuel protests didn't come to much? Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 31 March, 2009 Share Posted 31 March, 2009 God i am so f***ing angry, what a crap month this is turning out to be, lucky i got 3 weeks off work because i can't see me getting much sleep. Link to comment Share on other sites More sharing options...
hypochondriac Posted 31 March, 2009 Share Posted 31 March, 2009 Saints fans must be the most long suffering fans in the country. Certainly in terms of the fall from grace. Even Leeds had the great times and the champions league. Link to comment Share on other sites More sharing options...
Saint Fan CaM Posted 1 April, 2009 Share Posted 1 April, 2009 Oh dear, the inevitable seems to have finally happened. Well done Lowe and Wilde, you have managed to finally almost kill off the club...what a complete failure both of you really are (and your other cronies). Leave the club and NEVER come back. Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 1 April, 2009 Share Posted 1 April, 2009 (edited) Southampton playing the administration card by NEIL ASHTON Last updated at 12:39 AM on 01st April 2009 Southampton's future will be on the line this morning when the holding company that owns the club announces that it has been forced into administration. Rupert Lowe Lowe point: After returning to Southampton as chairman of the PLC last year, Rupert Lowe has now seen the club's holding company enter administration. Sportsmail can reveal that Southampton Leisure Holdings, the vehicle that allowed Rupert Lowe to regain control of the club, will make the announcement to the Alternative Investment Market today. Saints, who are fighting for their lives at the foot of the Championship, will avoid an automatic 10-point penalty by Football League chiefs because it is not the club itself that has been forced to admit financial defeat. Although League chiefs are furious that Saints appear to have bent the rules to their advantage, they have reluctantly accept that the company which owns the majority stake in the club are in financial meltdown. Saints are three points from safety with six games to play in the Championship, but officials at the club have accepted that they have little chance of avoiding relegation. They missed the Football League deadline last week to enter administration with a 10-point penalty in the Championship, but they are actively seeking new backers to keep the club afloat. Staff were told last night that their jobs are under threat and many of them face dismissal or mandatory pay cuts as Saints attempt to restructure their disastrous finances. Southampton have been managed by Dutchman Mark Wotte since Jan Poortvliet resigned in January after six months in charge, but he has been unable to transform their fortunes. The decision means that Saints, who were in the FA Cup final against Arsenal just six years ago, will start life in League One next season without a points penalty. Saints have been forced to close off parts of the ground to cut costs this season and they have been asset-stripping the squad all season. Saints moved to their new stadium in 2001 with a huge sponsorship deal with Friends Provident, but that has since lapsed and they are struggling to meet costs. I think it's real. although interestingly they speak of us being let off the deduction ?? Could it save us ? Edited 1 April, 2009 by Smirking_Saint Link to comment Share on other sites More sharing options...
The Farmer Posted 1 April, 2009 Share Posted 1 April, 2009 by NEIL ASHTON Last updated at 12:39 AM on 01st April 2009 Although League chiefs are furious that Lowe appears to have bent the rules to his advantage, they have reluctantly accept that the company which owns the majority stake in the club are in financial meltdown. Fixed And what odds Lowe slashing his pay? The man has ruined the whole club from top to bottom. Bye Bye Saints Link to comment Share on other sites More sharing options...
skintsaint Posted 1 April, 2009 Share Posted 1 April, 2009 will start life in League One next season without a points penalty. Cheeky Bar Stewards...saying we are already down. Link to comment Share on other sites More sharing options...
RoswellSaint Posted 1 April, 2009 Share Posted 1 April, 2009 Southampton playing the administration card Although League chiefs are furious that Saints appear to have bent the rules to their advantage, they have reluctantly accept that the company which owns the majority stake in the club are in financial meltdown. Isn't this similar to the situation at West Ham? Their Icelandic owners are virtually bankrupt but, supposedly, it won't impact the club in the sense of administration, any points deductions the PL might have. Seem to remember reading that in the last couple of months. How is that different from SLH going into admin but leaving the football club to carry on? Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 1 April, 2009 Share Posted 1 April, 2009 IF this sad situation does happen how on earth can anyone still defend the non dynamic duo of RL and MW ???? Link to comment Share on other sites More sharing options...
chocco boxo Posted 1 April, 2009 Share Posted 1 April, 2009 We lost out on Shearer as well! Link to comment Share on other sites More sharing options...
SaintBobby Posted 1 April, 2009 Share Posted 1 April, 2009 Tragic situation. My final hope is that this wheeze of putting SLH into admin but not the club is a legitimate loophole.... Link to comment Share on other sites More sharing options...
LostBoys Posted 1 April, 2009 Share Posted 1 April, 2009 I am too upset to post at this news at 5 in the morning - inevitable or not Link to comment Share on other sites More sharing options...
Redbul Posted 1 April, 2009 Share Posted 1 April, 2009 This news has indeed just made it on to Radio 5 and was mentioned on Wake Up To Money. Today's the day folks.... Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 1 April, 2009 Share Posted 1 April, 2009 (edited) This news has indeed just made it on to Radio 5 and was mentioned on Wake Up To Money. Today's the day folks.... I was woken by an incoming text at 05.35. My mate was listening to the very same prog. Thank you Rupert, thank you. Arrogant. Egocentric. Buffoon. Who are you going to pin the blame on this time? Edit** Financial Times is currently just repeating the Press release already seen here. (06.10) Edited 1 April, 2009 by EastleighSoulBoy Link to comment Share on other sites More sharing options...
offix Posted 1 April, 2009 Share Posted 1 April, 2009 The day that Ru**rt became involved with this great club was the start of our slow agonizing death. The day that the Quisling showed up I had great hope, but like so many who supported him, I was betrayed. This club has been killed by a man (I use the term loosely) without a spine and by a sanctimonious, arrogant, full of himself, incompetent, manipulative, egotistical bastard! Rest In peace Saints. I will always remember what you once were. Link to comment Share on other sites More sharing options...
solentstars Posted 1 April, 2009 Share Posted 1 April, 2009 oh dear its a sad day/ http://www.dailymail.co.uk/sport/football/article-1166258/Southampton-playing-administration-card.html Link to comment Share on other sites More sharing options...
LaptopSaint Posted 1 April, 2009 Share Posted 1 April, 2009 three minutes to go. sad day. but we've bottomed out. i think. Link to comment Share on other sites More sharing options...
offix Posted 1 April, 2009 Share Posted 1 April, 2009 three minutes to go. sad day. but we've bottomed out. i think. Not even close. Link to comment Share on other sites More sharing options...
B Rabbit Posted 1 April, 2009 Share Posted 1 April, 2009 Just confirmed it on BBC south a minute ago Link to comment Share on other sites More sharing options...
BadgerBadger Posted 1 April, 2009 Share Posted 1 April, 2009 Heard on Radio Solent this morning that the parent company is going into admin hoping to avoid the club getting 10 point reduction Link to comment Share on other sites More sharing options...
John D Posted 1 April, 2009 Share Posted 1 April, 2009 From the London Stock Exchange The Company is currently in discussions with a number of parties concerning the injection of additional finance into its business. Unless this funding is secured, the Company will be unable to continue as a viable business for the forthcoming 12 months and is therefore unable to publish half yearly report to 31 December 2008 by 31 March 2009 which it is required to do under the AIM Rules. Under the AIM Rules, a company that does not publish its half yearly report within 3 months of the period end will have its shares automatically suspended. The Directors expect that the Company will not be able to sign-off its half yearly report for the six months ended 31 December 2008 until the completion of a re-financing. As noted above, the Company is not in a position to publish its half yearly report to 31 December 2008 by 31 March 2009 and, as a consequence, its shares will be suspended from trading on the AIM market of the London Stock Exchange plc, pending publication of its healf yearly reportfor the six months ended 31 December 2008." Link to comment Share on other sites More sharing options...
um pahars Posted 1 April, 2009 Share Posted 1 April, 2009 Isn't this similar to the situation at West Ham? Their Icelandic owners are virtually bankrupt but, supposedly, it won't impact the club in the sense of administration, any points deductions the PL might have. Seem to remember reading that in the last couple of months. How is that different from SLH going into admin but leaving the football club to carry on? I thnk it's sloghtly different and why I still don't buy this idea that we can get away without a points deduction. It was Gudmundsson's company, Hansa, which went into administration and that was much more of a holding company than Southampton Leisure Holdings PLC is. The Football Club is really the only business the PLC has. West Ham PLC are the company that is the "member" of the Premier League and this was seen as distinct from Hansa, with a firewall between Hansa and WHPLC. Maybe we have created the same type of firewall, but I fear that the Football League will see straight through this. Link to comment Share on other sites More sharing options...
thefuriousb Posted 1 April, 2009 Share Posted 1 April, 2009 From the London Stock Exchange The Company is currently in discussions with a number of parties concerning the injection of additional finance into its business. Unless this funding is secured, the Company will be unable to continue as a viable business for the forthcoming 12 months and is therefore unable to publish half yearly report to 31 December 2008 by 31 March 2009 which it is required to do under the AIM Rules. Under the AIM Rules, a company that does not publish its half yearly report within 3 months of the period end will have its shares automatically suspended. The Directors expect that the Company will not be able to sign-off its half yearly report for the six months ended 31 December 2008 until the completion of a re-financing. As noted above, the Company is not in a position to publish its half yearly report to 31 December 2008 by 31 March 2009 and, as a consequence, its shares will be suspended from trading on the AIM market of the London Stock Exchange plc, pending publication of its healf yearly reportfor the six months ended 31 December 2008." So SLH has not applied to go into administration (not at 7.00am when the announcement was due)? Link to comment Share on other sites More sharing options...
paris Posted 1 April, 2009 Share Posted 1 April, 2009 Oh dear how sad... Link to comment Share on other sites More sharing options...
offix Posted 1 April, 2009 Share Posted 1 April, 2009 Nothing yet on the Echo site Link to comment Share on other sites More sharing options...
dignified_blunderer Posted 1 April, 2009 Share Posted 1 April, 2009 breaking news on sky now also Link to comment Share on other sites More sharing options...
Griff Posted 1 April, 2009 Share Posted 1 April, 2009 Here it is Bad news on the doorstep NOTICE (229) 01/04/2009 7:00am TEMPORARY SUSPENSION OF TRADING ON AIM SOUTHAMPTON LEISURE HOLDINGS PLC Trading on AIM for the under-mentioned securities has been temporarily suspended from 01/04/2009 7:00am pending publication of the company's half-yearly report. Link to comment Share on other sites More sharing options...
um pahars Posted 1 April, 2009 Share Posted 1 April, 2009 From the London Stock Exchange The Company is currently in discussions with a number of parties concerning the injection of additional finance into its business. Unless this funding is secured, the Company will be unable to continue as a viable business for the forthcoming 12 months and is therefore unable to publish half yearly report to 31 December 2008 by 31 March 2009 which it is required to do under the AIM Rules. Under the AIM Rules, a company that does not publish its half yearly report within 3 months of the period end will have its shares automatically suspended. The Directors expect that the Company will not be able to sign-off its half yearly report for the six months ended 31 December 2008 until the completion of a re-financing. As noted above, the Company is not in a position to publish its half yearly report to 31 December 2008 by 31 March 2009 and, as a consequence, its shares will be suspended from trading on the AIM market of the London Stock Exchange plc, pending publication of its healf yearly reportfor the six months ended 31 December 2008." Aha, so my hunch last night was right in that the suspension has something to do with being unable to lodge the interims, which in turn is due to our inability to secure funding going forward (i.e. I presume we haven't been able to sweet talk Barclay's ). Well I don't like the fact that we should have released our interims at the latest today (I'm sure the rule is three months from year end whch was up today) and not sure whether anything should be read in to that delay. But being overly, overly, overly optimistic it doesn't mean we have gone into Administration (yet) and there is always the hope that we could find some other funding in the short term or have one last chance at sweet talking Barclays!!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
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